With the Oscar nominations out, several online casino gaming and sports betting sites have already begun posting Oscar odds on the nominees. Classified as entertainment bets, the Academy Awards are one of the most wagered entertainment events all year. Following the Grammy's and the recent Golden Globes, the odds on Oscar nominations are greatly influenced by the outcome of the Golden Globes. Online entertainment bettors may also be interested in the Razzie Awards, which are the exact opposite of the Academy Awards, in that they recognize and "razz" the worst achievements in the movie business all year.

As for the Oscar nominations, one of the most competitive groups is that for "Best Performance by an Actress in a Leading Role" followed by "Best Motion Picture of the Year". This year, the competition amongst leading actresses is very stiff, with the likes of Judi Dench, Helen Mirren, Meryl Streep, Kate Winslet and Penelope Cruz all in the running. Considering the results of the Golden Globes - for which Meryl Streep won Best Leading Actress in a Comedy and Helen Mirren won for Best Leading Actress in a Drama - the odds are in favor of Mirren and Streep, with Mirren leading the pack at around 30 to 1.

As for the Best Picture award, Babel and Little Miss Sunshine are running neck and neck, followed by The Queen, Eastwood's Letters From Iwo Jima, and Scorsese's The Departed. Of course, plenty of movie fans are pulling for Scorsese, whose movies have been nominated without winning an award more than anybody else. However, in terms of bets, that isn't enough to bring home the money. And for Best Actor, as much as anyone would love to see Ryan Gosling win for his heartfelt and honest performance in Half Nelson, the likes of Forrest Whitaker rightfully have the odds pulling for Whitaker's amazing performance in The Last King of Scotland.

The Razzie Awards surprisingly get a fair amount of traffic from online casino gamblers as well. Although they are not necessarily deserved for the recipients in question (sometimes they are though!), most nominees go along with the fun anyways. The bottom line is that the Razzie's are legitimately voted on, which means they are like any other entertainment bet. As of yet, it appears the movie Blood Rayne is faring the worst in terms of multiple nominations.